"170 Trillion Won Invested Over 5 Years... Leap to a Top 5 Science and Technology Power"

Ministry of Science and ICT Announces 1st National R&D Mid- to Long-Term Investment Strategy

The government has set a goal to invest 170 trillion won in major national research and development (R&D) over the next five years to leap into one of the top five science and technology powers by 2030.

On the 7th, the Ministry of Science and ICT announced the first National Research and Development Mid-to-Long-Term Investment Strategy (2023?2027) at the Cabinet meeting presided over by President Yoon Suk-yeol. This is the first statutory plan and the highest-level investment strategy established by the Yoon Suk-yeol administration, presenting strategic investment goals and directions for the national R&D budget over the next five years.

Minister Lee Jong-ho of the Ministry of Science and ICT

With the vision of "Becoming one of the top five science and technology powers by 2030," 170 trillion won will be invested in R&D over five years. The goal is to maintain this at about 5% of total government expenditure. Through this, South Korea aims to improve its technology level, currently about 80% of the leading countries, to 85% by 2027.

Specifically, four major strategies and 23 tasks will be pursued. More than 25 trillion won will be invested over five years in the 12 national strategic technologies selected last year. The investment scale, which was 3.74 trillion won last year, will increase by 10% annually to expand to about 6.3 trillion won by 2027. Additionally, innovation capabilities will be strengthened through selection and concentration. Expanding the foundation for future-oriented science and technology and improving efficiency through investment system innovation are also key strategic directions.

Minister of Science and ICT Lee Jong-ho said, “The first National Research and Development Mid-to-Long-Term Investment Strategy is the first statutory investment strategy established by the Yoon Suk-yeol administration. It will enhance the strategic nature and predictability of national R&D investment and lay the foundation for becoming one of the top five science and technology powers by 2030.” He added, “We will actively invest in fostering 12 national strategic technologies, including space, nuclear power, and quantum, where the country’s (private + government) capabilities must be fully mobilized, as well as in achieving carbon neutrality.”

This content was produced with the assistance of AI translation services.